Caterpillar (NYSE:CAT) Shares Down 1% – Here’s What Happened

Caterpillar Inc. (NYSE:CAT)’s stock price fell 1% during mid-day trading on Tuesday . The stock traded as low as $802.61 and last traded at $808.2560. Approximately 2,060,128 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 2,851,041 shares. The stock had previously closed at $816.50.

Analysts Set New Price Targets

Several brokerages recently weighed in on CAT. UBS Group increased their price target on shares of Caterpillar from $900.00 to $925.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Citigroup reissued a “buy” rating on shares of Caterpillar in a report on Monday, September 14th. Erste Group Bank lowered shares of Caterpillar from a “buy” rating to a “hold” rating in a report on Monday, July 27th. Oppenheimer reaffirmed an “outperform” rating and set a $1,118.00 price target on shares of Caterpillar in a research report on Tuesday, August 4th. Finally, Truist Financial set a $980.00 price objective on Caterpillar in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $994.38.

Caterpillar Stock Performance

The firm’s 50-day moving average is $830.86 and its two-hundred day moving average is $844.06. The company has a current ratio of 1.37, a quick ratio of 0.85 and a debt-to-equity ratio of 1.65. The stock has a market cap of $366.99 billion, a price-to-earnings ratio of 34.32, a P/E/G ratio of 1.40 and a beta of 1.60.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $8.17 EPS for the quarter, beating the consensus estimate of $6.22 by $1.95. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.The firm had revenue of $20.54 billion during the quarter, compared to the consensus estimate of $19.34 billion. During the same period in the prior year, the company earned $4.72 EPS. The firm’s revenue was up 23.7% compared to the same quarter last year. As a group, sell-side analysts expect that Caterpillar Inc. will post 27.37 earnings per share for the current year.

Insider Activity at Caterpillar

In other news, CEO Joseph E. Creed sold 32,401 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $808.98, for a total transaction of $26,211,760.98. Following the completion of the transaction, the chief executive officer directly owned 34,555 shares in the company, valued at approximately $27,954,303.90. This represents a 48.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Lam Group Inc. purchased a new stake in Caterpillar in the first quarter valued at approximately $26,000. Decker Retirement Planning Inc. boosted its holdings in Caterpillar by 440.0% during the 2nd quarter. Decker Retirement Planning Inc. now owns 27 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 22 shares during the period. Cornerstone Financial Management LLC purchased a new stake in Caterpillar during the fourth quarter worth about $32,000. Matrix Trust Co boosted its stake in shares of Caterpillar by 93.8% in the second quarter. Matrix Trust Co now owns 31 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 15 shares during the period. Finally, Monetary Solutions Ltd acquired a new stake in Caterpillar during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

About Caterpillar

Caterpillar Inc is a global manufacturer of construction, mining, and industrial equipment. The company’s products include excavators, dozers, wheel loaders, motor graders, articulated trucks, and off-highway trucks, as well as related attachments and work tools. Caterpillar also supplies replacement parts, equipment services, technology solutions, and rental support through its dealer network.

The company serves customers in construction, mining, quarrying, energy, transportation, forestry, agriculture, and government-related industries.